If you bank with OnPoint Community Credit Union in Oregon or Southwest Washington, the OnPoint Premium Savings account is one of the higher-yielding places to park your cash. It pays a strong rate, but only if you meet a few activity rules each month. This review breaks down the 2026 rates, how to qualify, the unusual sweep feature, and how it compares to other savings options so you can decide if it fits your goals.
What the OnPoint Premium Savings Account Is
The OnPoint Premium Savings account is a high-yield savings account offered by OnPoint Community Credit Union, a member-owned credit union based in Portland, Oregon. It is designed for members who keep an active checking relationship with OnPoint and want to earn more on their savings than a basic account would pay.
Instead of applying to open it directly, your existing OnPoint Loyalty Savings account upgrades to Premium once you review and accept the account terms. Deposits are federally insured by the NCUA, the credit union equivalent of FDIC coverage, up to the standard limits.
Key Facts at a Glance
| Feature | Detail (as of July 2026) |
|---|---|
| Institution | OnPoint Community Credit Union |
| APY tier 1 | 3.50% APY on the first $100,000 |
| APY tier 2 | 2.00% APY on the balance above $100,000 |
| Minimum balance | $0 |
| Insurance | Federally insured by NCUA |
| To qualify | 6 qualifying transactions per month in an OnPoint checking account plus an active Loyalty Savings account, or 10 years of membership |
| Account type | Sweep account, up to $250,000 program deposit amount |
The Rates You Can Earn
As of the rate sheet effective July 3, 2026, the OnPoint Premium Savings account pays 3.50% APY on the first $100,000 in your account. Any balance above $100,000 earns 2.00% APY. There is no minimum balance required to earn interest, which is a nice feature since some accounts make you keep a large balance to qualify.
That tiered setup means the account rewards everyday savers most. If your balance is under $100,000, your entire balance earns the top 3.50% APY. Rates are subject to change, so check OnPoint's current rate page before you rely on any specific number.
How to Qualify Each Month
The high rate comes with strings attached. To earn the Premium rate, you generally need six qualifying transactions per calendar month in an OnPoint checking account, plus an active OnPoint Loyalty Savings account. Members with 10 years of OnPoint membership can qualify without the transaction requirement.
Qualifying transactions include deposits, withdrawals, automatic payments, checks, and debit card purchases. Transactions that OnPoint generates on its own, such as interest credits, do not count. If hitting six transactions a month sounds like a hassle, you may prefer a straightforward online savings account with no activity hoops.
For savers who want a simple mobile-first account, Current is one option that pairs banking features with an easy app experience and no branch visits required.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
The Sweep Feature Explained
One detail that sets the OnPoint Premium Savings account apart is that it is a sweep account. That means OnPoint may move, or sweep, your balances up to a maximum program deposit amount of $250,000 into NCUA- or FDIC-insured deposit accounts held at partner banks. As of July 2026, those partners have included Morgan Stanley Bank, Morgan Stanley Private Bank, Citizens Bank, Metropolitan Bank, and Western Alliance.
The upside is that spreading money across multiple insured banks can extend your total insurance coverage beyond the standard single-institution insurance limit. The tradeoff is that the list of partner banks and the maximum program amount can change at any time. Most everyday savers will not notice the sweep in daily use, but it is worth understanding how your money is held.
If you want another simple, app-based way to save alongside spending, Chime is a popular choice that offers a savings feature and automatic tools to set money aside.
Chime
Chime
- Fee-free banking plus early pay access - Overdraft up to $200 without fees - 5% cash back and build credit everyday. - 3.75% APY on your savings.
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
Who This Account Fits Best
The OnPoint Premium Savings account works best for people who already bank with OnPoint and use their checking account regularly. If you swipe a debit card, pay bills, and make deposits often, you will likely clear the six-transaction rule without thinking about it, and you will earn the strong 3.50% APY on balances up to $100,000.
It is a weaker fit if you do not want to keep an active OnPoint checking account, or if you live outside the credit union's Oregon and Southwest Washington footprint. In that case, a nationwide online savings account may be easier to open and maintain.
How It Compares
At 3.50% APY, the account is competitive with many high-yield online savings accounts in 2026, though rates across the market move up and down with the broader economy. The main difference is the activity requirement. Many online banks pay a similar rate with no monthly transaction rules, but they lack the local branch and credit union membership benefits OnPoint offers.
The sweep structure also gives OnPoint an edge for savers with large balances who want extended insurance coverage. If your priority is the highest possible rate with the fewest rules, compare a few online accounts side by side before deciding.
How to Open It
Because the Premium account is an upgrade, you first need to be an OnPoint member with a Loyalty Savings account. You can join if you live, work, or worship in the eligible Oregon or Southwest Washington counties, or meet other membership criteria. Once you are a member, review and accept the Premium terms in digital banking or with a representative, and your Loyalty Savings account converts to Premium.
From there, keep your checking account active with at least six qualifying transactions each month to hold onto the top rate.
Frequently Asked Questions
What APY does the OnPoint Premium Savings account pay?
As of the rate sheet effective July 3, 2026, it pays 3.50% APY on the first $100,000 and 2.00% APY on any balance above that. There is no minimum balance required to earn interest. Rates are subject to change, so confirm the current figures on OnPoint's rate page before opening.
How do I qualify for the OnPoint Premium rate?
You generally need six qualifying transactions per calendar month in an OnPoint checking account plus an active OnPoint Loyalty Savings account. Members with 10 years of OnPoint membership can qualify without the transaction requirement. Deposits, withdrawals, automatic payments, checks, and debit card purchases all count toward the six.
Is the OnPoint Premium Savings account safe?
Deposits are federally insured by the NCUA, the credit union version of FDIC insurance, up to standard limits. The account also uses a sweep structure that can spread balances across multiple insured partner banks, which may extend coverage. Partner banks and the program maximum can change, so review the current disclosures.
Can anyone open an OnPoint Premium Savings account?
Only OnPoint members can, and the Premium account is an upgrade from an existing Loyalty Savings account rather than a new application. To become a member, you generally need to live, work, or worship in eligible parts of Oregon or Southwest Washington, or meet other criteria. If you are outside that area, a nationwide online savings account may be a better fit.
Rates and terms are subject to change and were accurate as of July 2026. This article is for general information and is not financial advice.
